How to start a company with less than $1000

I approach most things in life with the attitude ‘what have I got to lose?’ for one reason; the answer is never as bad as I have built it up to be. When deciding to quit my full-time job and start The New Kid, I asked myself this question. After a lot of research and an obsessive drive to create change with my idea, I realised that if I failed I would lose less than $1000 – a small price to pay for pursuing something I was extremely passionate about. Initially I also factored the time spent on establishing the company as a loss if it failed, however quickly realised that teaching myself everything on a lean budget could be one of the biggest rewards…and I was right.

Spending tens of thousands of dollars on an idea is a big risk. But it’s an unnecessary one. Starting a company doesn’t have to be a huge financial sacrifice. I have found that being on a low budget has been hugely beneficial as it makes every purchase a mindful one, has encouraged me to think creatively about how to be cost effective, and has forced me to teach myself aspects of the business that I really wish I could have paid someone to do instead (hello web developers and graphic designers!)

I would have loved if I had access to someone else’s costs of starting their online company, so here are mine:

  1. 2 year domain registration of www.thenewkid.com.au and 1 year Cloud Starter hosting through Webcity: $127.85
  2. Company registration through ASIC: $457 (Note: Company structure may not be suitable for you, and there are cheaper options. You can read about different business structures here)
  3. WordPress Theme through ThemeForest $80.71 ($60 USD)
  4. WordPress paid Plugins to customise theme: $73.78 ($58 USD)
  5. Shutterstock vector illustrations for website (Basic = 5 downloads at any time within 12 months): $49
  6. LawPath one month subscription to create and customise legal documents (such as terms & conditions, privacy policy): $49
  7. Business Cards from Officeworks – 250 double-sided colour: $45
  8. Campaign Monitor Basic Plan for EDM’s: $14.06 ($9 USD)
  9. Facebook sponsored posts: $22.19

Total = $918.59